Outlook Therapeutics (OTLK) Announces Pricing of Public Offering of Common Stock, Warrants

April 10, 2019 9:06 AM EDT
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Outlook Therapeutics, Inc. (NASDAQ: OTLK) (the “Company”) announced today the pricing of an underwritten public offering of 10,340,000 shares of its common stock, 15-month warrants to purchase up to an aggregate of 10,340,000 shares of common stock, and 5-year warrants to purchase up to an aggregate of 10,340,000 shares of common stock. BioLexis Pte. Ltd. (BioLexis), the Company’s strategic business partner and largest stockholder, led this financing with a $10 million investment.

The shares of common stock and accompanying warrants are being sold at a combined public offering price of $2.75. Each share of common stock is being sold together with one 15-month warrant to purchase one share of common stock and one 5-year warrant to purchase one share of common stock. The warrants will be exercisable immediately at an exercise price per share equal to $2.90 per share, subject to adjustment. The shares of common stock and the accompanying warrants can only be purchased together in this offering but will be issued separately and will be immediately separable upon issuance. The gross proceeds from the offering to the Company are expected to be approximately $28.4 million before deducting the underwriting discount and estimated offering expenses, and excluding the proceeds from the exercise of any warrants. All of the shares and accompanying warrants in the offering will be sold by the Company. The offering is expected to close on April 12, 2019, subject to customary closing conditions.

The Company expects to use the net proceeds from the offering to fund the Phase 3 clinical trials of ONS-5010 for wet AMD, DME and BRVO; and the remainder for general corporate purposes, funding its working capital needs, and scheduled repayments of $5.0 million outstanding principal and accrued interest on its 5% senior secured notes due June 2019 as required by the terms of a November 2018 amendment.

Oppenheimer & Co. Inc. is acting as the sole book-running manager for this offering and Aegis Capital Corporation is acting as the co-manager for this offering.

Registration statements relating to the offering have been filed with the U.S. Securities and Exchange Commission and become effective.



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